Chase Bank And New Cash Deposit Rules

I was wondering if anyone has encountered what is going to be the new rules for "any" bank cash deposits as of March 1, 2014? I just returned from my local Chase Bank to deposit a small amount of cash for my daughter into her checking account since she knows I go several times a week doing my own banking. It saves her a trip to the bank and they have always deposited the money without a problem. Today I was told that they received a letter from the Federal Government stating they can no longer accept cash deposits "of any amount" from anyone except the person who owns the account as of March 1, 2014. They claim it is due to trying to catch people who are money laundering . I told the teller when I deposit for my daughter it is usually only one or two hundred dollars in cash and it is usually for Christmas or her birthday presents. I thought money laundering was for thousands of dollars of cash. So in the future if she or anyone wants to get someone else to deposit cash in their account, it can no longer be done after 3/1/14 even if it is her own money. They will have to go to the bank themselves and deposit the cash.

The Chase rep said all banks may not be doing this as fast as Chase is but Chase must be very compliant with all Federal laws. Could it be because they are in so much trouble that the government is keeping a closer eye on what is going on at Chase Banks? This is a very innocent thing I was doing as a favor to my daughter and I really resent being now treated like a "money launderer" because others may be abusing the banking system. Just wondered if anyone else has been informed about this new "rule" to be enacted soon. Thanks.

Ken Tumin | Jan 18, 2014 | 5,935 posts since 2009Thanks paoli for bringing up this issue. I found more information in this Fox Business article. I don't see any mention of a new federal law in the article. So other banks may not follow Chase. According to the article:

A Chase spokesperson confirmed the policy change is related to efforts to bolster the bank’s anti-money laundering efforts

paoli2 | Jan 18, 2014 | 2,407 posts since 2011Ken, thank you so much for sharing that Fox post with me. The tellers at my local Chase bank today made it seem like it was a "law" they had to comply with. I had no idea Chase has come up with this new idea. One of the sentences I read:

We are making this policy change for cash deposits only to combat misuse of accounts, including money laundering," a Chase spokesperson said."

really irritates me because I was told by another Chase bank rep that Chase is not sending out letters to all customers just picking out which customers they need to make aware of this and stop them from their "actions".

So putting some cash in my daughter's checking account for a Christmas and birthday present now puts me in with "misuse of accounts, including money laundering"? Gripes! It usually is just a couple hundred bucks and she preferes me to put it in her checking account so she can use it for her Chase debit card. (She hates writing checks.) I thought it was a new Federal banking law so I really appreciate your providing me with the "real" info via that article. I will print out that article and face them with it this week. They have made it clear they are not happy with me because I buy my CDs from other banks and take the interest there to cash or deposit so now they think they are going to pick me out as one of those "they need to watch" and inconvenience my daughter. This has to be faced and I am glad I am in the process of getting my business away from Chase. I just don't appreciate being misled and then being told they are deciding "who" are their suspects. Much appreciation for the truth about this matter.

FAR | Jan 18, 2014 | 113 posts since 2013The few always ruin it for the many. How about depositing the cash into your own account then use bill pay to transfer the money over to your daughters account. Its an extra step for you but its a way around their rule.

paoli2 | Jan 18, 2014 | 2,407 posts since 2011FAR: That sounds great but what is "Bill pay"? I don't pay bills or do any banking stuff over the internet so I don't think I even am set up for this thing you call "Bill Pay". Is it complicated to do? Thanks for any help you can provide.

paoli2 | Jan 19, 2014 | 2,407 posts since 2011Ken: Thanks for sharing the Chase Quick Pay solution. That may be a good way to resolve this without her having to go to Chase on these occasions. I think I am still living in the 1800s when it comes to doing finances the "modern" way.

#6 I must have missed your July post on the TIN. Did your post give a reason for this? I can see them stopping large amounts of cash from customers frequently but I don't think I fit the bill of someone who would be doing "money Laundering or criminal acts". I also was told they are not sending out mailings to "all" customers, just informing those "they" select when they come to the teller's window with cash. I resent being "selected" for something as innocent as a few dollars to a relative for a special occasion.

BTW, I went back and read your post from July. This is very scary when people like myself can be on their "watch" list for just small sums of money. Don't they know the real dishonest people know better ways than I could ever think of to do their so called "criminal" acts? They are focusing on the lambs while the wolves are still probably fast at work!

FAR | Jan 19, 2014 | 113 posts since 2013Quickpay,bill pay or whatever name the bank gives it most if not all banking institutions have a form of electronic transfer of funds. You just need the banks routing number and account number of where the funds are to be transferred. It usually take a couple days to complete the transfer. Of course you will have to get out of the 1800's banking and work with the internet.

The problem banks or anyone for that matter face is how do they know you are not a wolf in lambs clothes? The amount of money spent to stop fraud/criminal activity is incredibly expensive to disrupt the dishonest but effects the honest as well.

me1004 | Jan 20, 2014 | 589 posts since 2010Well, they might say it is to thwart money laundering, but that is preposterous. This policy is directed at such small amounts that money laundering is not even a consideration. The $10,000 reporting level is set because anything less is not very realistic. For Chase to now set the bar at $1, or even $100 is just ridiculous, completely missing the point.

No one launders $100 -- its far too innocuous an amount! Anyone can do anything they want with $100 amount, it will not need to be laundered as it is far too common and routine. And no one launders by making 100 trips to deposit $100 each time to get to the $10,000 level.

And if they did make all those deposits, it would be requried to be reported long before that -- because the $10,000 level is for a single transaction, but banks also must watch out for and report ANY suspicious pattern, and long, long, long before you got to 100 deposits of $100 each time, you would have been reported as a suspicious pattern. (Just ask Elliot Spitzer -- that's how he got caught, via suspicious pattern of transactions because he was trying to avoid the $10,000 level!)

So, this new policy at Chase accomplishes nothing since long before you got to any realistic amount for money laundering, a pattner would have been reported, undermining the entire effort to launder money. AND if a suspicious pattern were noted, they could even freeze the account if they wanted to -- and require ID at that time.

In addition, if only the account holder can deposit at the coner, then people wanting to do this tomony launder would simply doit at the ATM machinne. So, what is that coutner poklicy going to thwart?! After all, money laundering like this is a scheme, a conspiracy, so the ATM card would be passed to any conspirator needing to make the deposit. On the other hand, REAL money laundering would never be done at the limited amounts allowed at an ATM machine.

I'm not sure either what idiot at Chase came up with this, or what other ulterior reason they might have for it, but it will not help to thwart money laundering.

paoli2 | Jan 20, 2014 | 2,407 posts since 2011me1004: Thank you for adding some "sane reasoning" to the ridiculous new concept Chase has come up with to help prevent money laundering or criminal banking acts. They are so up to their ears in fines for their own corruption that I think they are trying to get the eyes off of themselves and onto innocent others and become the "good guys" for once. They are only giving "notice" to customers who are their "suspects" and the fact they would pick me out for the petty sums my daughter asks me to deposit for her in her account shows the true reasons behind their stupid actions. I guess I should not have reported the manager to his District Manager for making a guessing game out of my "net worth" in front of customers not too long ago. It must be his "pay back" time for me but it's going to blow up in his face if he pushes me too far with such ridiculous insinuations. Don't banks have to abide by some "privacy law" when it comes to customer's accounts and financial info??

gino | Jan 23, 2014 | 2 posts since 2014We should all be afraid of this new cash control policy Chase will start in March. This is the first step in the process to eliminating cash altogether. As me1004 stated there are already reasonable controls in place to thwart money laundering. cash transaction reports (CTR) for anything over 10k in a day and suspicious activity reports for people trying to avoid the CTRs have been in place for years. This new policy has nothing to do with money laundering and everything to do with tracking and controling YOUR money.

Chase trains thier employees to support this new policy in the name of "safegaurding" our customers. Aparently in order to be safe Chase must know where every dollar you get comes from. In the name of safety we are supposed to give up our privacy (sounds like the governments excuse for spying on us).

There is no federal law forcing Chase to do this. A cashless Society is the wet dream for banks and government. If all your funds are electronic they are easily tracked, traced, and taxed. If this new policy causes only a minimal loss of customers you can gaurantee all the other big banks will follow Chase's lead. Even if this policy wont personally affect you we should all make a statement and close your Chase accounts and force Chase to abandon thier attempts to control YOUR money.

paoli2 | Jan 23, 2014 | 2,407 posts since 2011#11 What you have posted is very scary. Why would the government be concerned with every dollar we have unless we have truly turned into a Socialistic society? Where is our freedom of privacy over our own finances. Chase is targeting me because I won't do more business with them and won't tell them where else I am doing business. I was alarmed when I found out the manager admitted he was adding up all the checks I deposit or cash from other banks. That should have given me a clue that something rotten was going on. It frightens me to think that what you are posting could possibly be right from my own experiences just with Chase. If we protest too much we look even more guilty so they really have the rope around our financial necks, it seems. Don't they know the really crooked people train themselves to know how to still do what they want without being caught? It is so true that the innocent will have to suffer for the guilty ones if our country goes forward with their plans. Soon, nothing we think we own will truly be ours. How sad.

paoli2 | Jan 23, 2014 | 2,407 posts since 2011#13 The future doesn't have to be grim if more citizens will cast out their apathy and become more pro-active against certain changes in our government. That "is" going to be the hardest part for so many.

Crip | Feb 11, 2014 | 2 posts since 2014You can write a check payable to your daughter & they will stamp the back "For Deposit only" and deposit it to her account. I asked "So I could write a "hot" check & you would take that but not guaranteed funds?" And was told that was correct!!

Iphonemagico | Feb 11, 2014 | 1 posts since 2014I think Crip might be onto the reason. It is the chance ( multiplied by the hundred of thousands of checks that will be written in lieu of cash ) that the check will bounce, triggering a nice 30 to 35 dollar fee. It's just another way to force customers and non chase customers into fees. After all most of the revenue of the banks come from fees and penalties. I have a feeling this policy will raise some capital for JPMC and will be discontinued just before chase feels it has lost enough customers to compensate :)

paoli2 | Feb 11, 2014 | 2,407 posts since 2011#16 The stupidity of the actions of Chase bewilder the mine. They try to buy their way out of what should be considered criminal actions, they then give their CEO a RAISE of unfathomable size instead of firing him, and then they penny anny customers like myself because we want to just put a small amount of cash into our daughter's account for a Christmas or birthday present. To catch "money launderers" as it was explained to me by my local manager. He had to also explain to me the system by which money launderers work because not being one myself, I had no idea how it was done! Seniors trying to put a few dollars of cash into a relative's account for presents now becomes the new avenue for "money laundering" and the world must be protected from these people! They are the new "Bonnie and Clyde" of banking, it would seem. I had to go into my local Chase today to cash a couple of checks and they have "their" new signs attached to all teller windows making us aware of their new "no cash except into your own personal account" policy.

Maybe if they were this concerned about criminal actions these past years, they would not be trying to get out of their own hot water with paying off the Justice System with billions of dollars. They have already lost my major accounts with them and by the end of this summer, I hope to have the others with banks who don't make me feel like I am trying to do something wrong. Yes, I could just write out a personal check and then deposit it into my relative's account but now it is a matter of not allowing them to make "new rules" for innocent allowable banking actions and pinpointing me as trying to do bad acts. I have nothing to hide so anything I do have, I would prefere to put it with banks or credit unions who know how to handle their customers and make them feel welcome.

Crip | Feb 11, 2014 | 2 posts since 2014I used to work there, just left in September to work for a bank where the little people still matter!!!! 3/4 of the "rules" we had to follow at Chase we don't do here and I promise our customers are still protected!!!! I am so happy I left Chase. One of the smartest decisions I ever made!!!

paoli2 | Feb 11, 2014 | 2,407 posts since 2011Crip: Your post reminded me of what all the tellers at my local Chase told me when they quit, too. I was shocked at how strict the manager was with them and how miserable they were working there. I found out it's not just the customers like myself who are upset with them. I grew to love all the tellers and was so sorry to see them leave but happy they were going to work for better jobs. I'm sorry you had a bad experience there also but so happy you found a better place to work. Good for you!

solitude | Feb 19, 2014 | 1 posts since 2014Why don't you guys just start banking in a different country? Just because you're in the US doesn't mean you need to bank in the US. You can have a bank account from a Bank that has money backed by real assets and not fiat e.g. Singapore or just a more sound economy e.g. Australia, Switzerland, Austria ...

Ally6770 | Feb 24, 2014 | 2,346 posts since 2010My cousin was just here putting in a better by-pass and shut off on my water softener and he said he was told there would be a form he would have to fill out with every cash deposit at Chase similar to what he has to do with a withdrawal. He is he is out of there by the first of March he said.

paoli2 | Feb 24, 2014 | 2,407 posts since 2011#21 Ok. Imagine me defending Chase but in this case your cousin may be misunderstanding what is going on here or has not been a Chase customer for very long. We have always had to make out a deposit slip for "all" deposits whether cash or check. I just got off the phone with the Chase manager at my local Chase about this and he said this has nothing to do with the March 1st changes. He reminded me that I have always had to make out a deposit slip for any deposit and there are no new slips or changes concerning "cash" deposits other than what I was already informed able. The only "form" that would have to be filled out is the regular deposit slip. If this is the only reason he is leaving Chase, I suggest he call his bank manager and get some understanding of what he was told and if that "form" is truly just the regular deposit slip.

BTW, just to be sure, I called another local Chase and inquired about the "form". I was told the same as earlier. No form to be filled out. Just the regular deposit slip as usual.

Ally6770 | Feb 24, 2014 | 2,346 posts since 2010He said he was told he has to do something different with his deposit slips after March 1 with cash deposits. The manager told him it was all because of Eric Holder. I am not a customer of theirs and was only long enough to receive a few of their bonus rewards for opening checking, savings, and credit cards. Let me know if anything different happens with a cash deposit after March 1. I will let you know what he has to do differently if he is still there.

paoli2 | Feb 24, 2014 | 2,407 posts since 2011Okkk. So I called "another" Chase to get different opinions. Now we have Eric Holder involved?? The only way Eric Holder is involved is that he prosecutes people for money laundrying and the signs up at all Chase banks are to try to stop money laundrying. In a nutshell, all bank managers have agreed that starting March 1st, no one can deposit cash into someone else's account. Unless the bank knows them, they may be asked for ID before they will be allowed to even deposit cash into their own account. If they want to deposit cash into their own account, they will just fill out their regular deposit slip. No forms etc. and the teller will decide if he/she knows them well enough to ask for ID or not. For myself, I am known by my first name at my bank so don't think I will need an ID. :)

I hope your cousin is aware tho that there will be certain changes at Chase but they are minor from what I understand. IF his Chase bank does anything differently (if he is still there after March 1st) please let me know. I may not have made my quota of Chase phone calls for the week and may need an excuse to call more banks. :) Just kidding!!

paoli2 | Feb 24, 2014 | 2,407 posts since 2011I did read that Bernie Madoff plead guilty to three counts of money laundering so Holder may have been involved in his prosecution. Maybe Chase is being extra cautious so they can't be accused of allowing this in their banks. They can't go overboard or they will drive more customers away.

Ally6770 | Feb 25, 2014 | 2,346 posts since 2010My cousin went into Chase again and asked to speak to the manager. The CSR was wrong and the signed form is just for depositing into someone else's account not your own. My cousin asked why because another bank in town (top 10) is not doing this and the manager started to get red and my cousin said Bernie Madoff and he just shook his head yes. The manager did not elaborate past the head shake in the affirmative. He did call the CSR over and when asked she said the same thing and the manager explained it again to her and she apologized.

paoli2 | Feb 25, 2014 | 2,407 posts since 2011Thanks for the update about Chase and your cousin. I have tried to do a lot of checking into what is going on at Chase with this since other banks are not acting so paranoid about these cash deposits. After talking to several Chase bank managers, all I can come to is that Chase is in so much trouble with the Feds that it is "over-protecting" the actions of the banks. I can find no real reason for their being overly concerned about this "money laundering" except that they cannot afford to have any more trouble with the Feds. If their own actions were really so clean, they would not have to be paranoid about their everyday customers. They brought these problems upon themselves and they think by focusing on innocent customers they will look squeaky clean. March 1st will be an exciting day for the "New" Chase. :)

Jan Gullion Bowers | Apr 3, 2014 | 1 posts since 2014I also tried to deposit cash into my daughter's Chase account. She is in college in another town. It was only $50.00, but I could not make the deposit. This is crazy being it is such a small amount. She will be closing her account with Chase and finding a more "customer friendly" bank.

paoli2 | Apr 3, 2014 | 2,407 posts since 2011#29 I do hope she will take the time to let Chase know why she is leaving. I have battled with Chase about this stupid uncustomer friendly rule but they insist they are doing it to catch "money launderers". So our "Uncustomer Friendly" bank is basically considering "any" customer who tries to put any amount of cash in even a daughter's account money laundering. I am working my accounts "out" of Chase also as they mature. Maybe they are judging the rest of us by their own corruptions.

Myriam Bergantin | May 5, 2014 | 1 posts since 2014A friend went to deposit a very small amount in my liquid account. They were told that it had to be a check or a money order. My daughter had the same issues with her aunt. What's funny is that the laundering is being done from within...they think by making people quick deposit they will get more customers....stupid stupid stupid.

Ally6770 | May 5, 2014 | 2,346 posts since 2010They want a check or money order for an audit trail. Cash has no trail. Evidently it is easier for them to require a check than to fill out the forms for an audit trail for the cash deposit and the customer would not like to give out all of the info needed for their forms. This requirement may be from an audit that they have not passed and is a compromise rather than a fine.

Most accounts are not money makers. Each customer has an amount by their computer file and it shows what that person makes or cost the bank. All employees do not have access to this information.

squeakyf | May 27, 2014 | 1 posts since 2014My local Chase branch requires a pre-printed personalized deposit slip (such as included with every checkbook order). They no longer accept deposit slips that allow for the name, address and account number to be filled in by the customer. So, essentially, it is possible to make ANY cash deposit into an account for which you have a pre-printed deposit slip-- your own, your daughter's, your neighbor's. Chase does not ask for ID for deposits. (I should add "YET"). I did not realize that only "some" customers are flagged ( me being one of those customers). Chase is so obnoxious on so many levels.

paoli2 | May 27, 2014 | 2,407 posts since 2011#33 I make deposits at my local Chase all the time and I never use the preprinted deposit slips which come with my checks. For some reason I got into the habit of taking the blank ones we get at the bank and filling them in myself. They have never refused them or told me I have to use the pre-printed ones. There are also no notices up in the bank to inform us about this and I never got anything in the mail about this new condition. Maybe it is just your local Chase who has decided this is what they prefer. It seems Chase can change things for the customer whenever they want so I would not be surprised if it is just your local Chase. I will ask mine when I go back this week if we have the same new rule.

diboone | Jun 3, 2014 | 1 posts since 2014I just went into Chase Bank (6/3/2014) to deposit $400 into my husband's account. I cannot believe that you cannot deposit cash into a family member's account (or any account for that matter)! Checks and QuickPay do not post immediately! That is why most people take the time to bring cash into the bank!!!! I frequently deposit into my relatives' accounts if they are in need of help. This is ridiculous! Money laundering??? Give me a break! At least make some clear and sensible exceptions, i.e. a person who can provide a valid I.D. can deposit up to xyz amount into an account perhaps xyz number of times per year. Or allow those with accounts at Chase to "set up" those who can deposit cash. Maybe they will require background checks or fingerprinting!!! Well I will stick with Bank of America and Wells Fargo for now.

paoli2 | Jun 4, 2014 | 2,407 posts since 2011#33 I just left my local Chase and asked them about the deposit slip problem you posted about. They said they have the same rules. We cannot depost anything into anyone else's account even if we have their preprinted deposit slip and we certainly can't with one that is filled in without the printed info. They claim this is for cash or checks. I find this a ridiculous rule and causes problems for people who may just want a family member to do a deposit for them. I have moved all my CDs out of Chase and hope to transfer our IRAs soon as they mature. I will keep my checking account their until I can find a more convenient bank and have time to switch all the direct deposits etc. to another bank. I think "their" rules are driving more and more customers away and there is no trying to talk sense even to their district managers.

Steve Scharboneau | Jun 24, 2014 | 1 posts since 2014Chase just dosent get it on any level. This policy and one other were enough to have me close my accounts with them. It is so very sad because I have enjoyed the emplyees that work for them in every branch I have gone in to. Great people with not so great coperate leadership. So sad and so long....

klink | Jul 17, 2014 | 178 posts since 2012Leora....Speaking for the main 2 banks I do business with, the answer is no. I deposit and withdraw cash twice monthly with only having to fill out deposit or withdraw slips found at each banks counter. Of course each institution has an issued individual ID card which I show so they can access my accounts.

VinnieVin | Sep 2, 2014 | 1 posts since 2014It is a slimy way for Chase to get new customers. However they are alienating their customers along with the person who they inconvenience. Customers may be expecting that money. I understand large amounts but small amounts are ridiculous. Hopefully other banks will make common sense anti-money laundering rules and take their customers away.

clevack | Oct 1, 2014 | 1 posts since 2014I just left my chase branch, where by the way I am recognized by face, name and where I work, due to the frequency of my visits there. I was making a deposit that included cash into my own account (I was unaware of these "new changes") and I was using a preprinted deposit slip. The teller would not allow me to make my deposit because I did not have my debit card or ID with me. I should mention that I work for the local county government and I was wearing an ID with my name and picture on it, but that was not acceptable. When I became somewhat angry the branch manager came over, says "you come in here all the time right", and "you work for the county" but proceeds to say that she'll take my deposit today but in the future I will not be able to put cash into my OWN account unless I have my drivers license. In addition to the inconvenience and what I see as the sheer stupidity of this policy as far as limiting any real illegal activity, I also do not appreciate being lied to (their explanation that this is a new federal banking regulation). I will be closing mine and my sons accounts with Chase immediately

PersonalMoneyService.com is not a direct lender. The webmaster of this site doesn't make any decisions referred to your personal loan requests. The operator of this website doesn't constitute solicitation to lend or broker loans to online lenders. PersonalMoneyService company will provide every client with the most proper lender that will answer all the wishes and needs of the customers and will be able to help in their specific situation. The company is not an agent or representative of any personal loan lender, thus, charges, interest rates and terms may differ. Credit check as well as faxing may be required in certain circumstances, though in most cases it is unnecessary.

Are they a licensed, regulated company? Nothing here to suggest that they are. The words "MOST PROPER LENDER" is not a phrase used a lot. I find this troubling.

paoli2 | Dec 25, 2014 | 2,407 posts since 2011There is a way around Chase's cash rules and others when we need to help a relative with their banking. Chase has their own special POA which they will give you to fill out with the person you want to help. We can't just use any regular POA we already have since theirs has a special banking clause in it which is not in the ones we get from lawyers. It can be done in a few minutes at the local branch and after it is put into their computer system, you are able to act as an agent for the person you want to help without all these other problems.

Pamela Green | Dec 2, 2016 | 1 posts since 2016I think it has more to do with the fact that when money is transferred from one bank to another (one different bank to another) that the money does not clear straight away.....because they hang on to it for a few days to make interest on it

Mary Sparks Palmer | Jan 6, 2017 | 1 posts since 2017Hey Chase, I just watched your online commercial. DO NOT promote bee repellant. When the bees are gone, deposits in your bank will dwindle also. Be a better citizen of the Earth!

gbtexas | Jan 8, 2017 | 55 posts since 2013I don't really understand many of the problems others have expressed. Also, they're the best place to make large deposits without a hold being placed. At least that's been my experience.

Brian Dibbs | Jan 31, 2017 | 1 posts since 2017banks will not brrak bills for u. must have an account. there's no plausible reason for this.It's the pain in the ass factor.And these r the same banks who give u almost no interest. Banks are the best reason for not needing cash.Their rrason for this?To cut down on money laundering.this is totally fake.If you dont want money laundering don't have money.But they do and lots of it.

beliovA60 | Feb 23, 2017 | 1 posts since 2017i've been doing every once in a while so today 2/23/2017 can't deposit $55!!! they said they have to regulate. i asked about the atm they said well we can't regulate that but your not suppose to. ok i won't!!!lol